In a large pot, bring water to a boil. Simmer the beef for 2-3 hours, or until it's very tender. Remove the beef from the pot and shred it with two forks.
In a large skillet, heat the olive oil over medium heat. Sauté the finely chopped onion and garlic until fragrant.
Add the thinly sliced red and green bell peppers and sauté until softened, about 5-6 minutes.
Stir in the tomato paste, canned diced tomatoes, beef broth, ground cumin, smoked paprika, bay leaves, salt, and pepper. Bring to a simmer and cook for 10 minutes.
Add the shredded beef to the sauce and stir well to combine. Reduce heat to low and simmer for another 20-30 minutes to allow the flavors to meld.
Before serving, stir in the olives and garnish with freshly chopped parsley. Serve with steamed rice or fried plantains.
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